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Part Time Wealth Building Trading System - Daily Scalping

  • #301
  • Feb 13, 2007 10:59am Feb 13, 2007 10:59am
One thing I have noted is that different platforms will show different daily trends. For example FXDD has shown GBP/JPY to be in daily uptrends for the last 2 days whereas Oanda shows 2 clear downtrend days -simply because FXDD days begin at 22.00GMT and Oanda's at 04.00GMT. It appears that providing you stick with a preferred broker this shouldn't be a major issue as FXDD shows a lot of very nice trending days up and down which should still prove very profitable...
  • #302
  • Feb 13, 2007 11:10am Feb 13, 2007 11:10am
Does anyone know if the rules of this method are to add the spread on top of the stop or include it.

On my platform this would make a stop of 58 for GPB/JPY and 43 for cable.

What is everybody else doing and tk?

Thanks Schoe.

ps. TK Did you get my pm?
  • #303
  • Feb 13, 2007 1:18pm Feb 13, 2007 1:18pm
Quoting skyline
No Mr.Trend I only coded the EA about Daily method that you can find over this thread
How is your EA working? Does it reverse correctly and whatnot? Does it have logic to open a position in the opposite direction of the three-day trend?
Mr. Trend
  • #304
  • Edited 2:11pm Feb 13, 2007 1:40pm | Edited 2:11pm
Quoting Mr Trend
Rhythm doesn't seem to work correctly. It doesn't reverse your position. I noticed that yesterday. Let me know if you see the same thing.
Hi,

I coded the Rhythm EA, however it was posted by the customer on the forum before full testing of it. I'll be happy to fix all issues which you are thinking that are not correct. Please describe your problem case in more details, i.e. pair, time frame, reverse level, time at which reverse should happeen and did not. Also all your settings are important. If you have a chart screen shot, it would help to to reprouce the problem and fix it.

Regards,

Michal
{link removed, see rule #3}
  • #305
  • Edited 2:12pm Feb 13, 2007 1:48pm | Edited 2:12pm
Quoting aktur
Hi,

I coded the Rhythm EA, however it was posted by the customer on the forum before full testing of it. I'll be happy to fix all issues which you are thinking that are not correct. Please describe your problem case in more details, i.e. pair, time frame, reverse level, time at which reverse should happeen and did not. Also all your settings are important. If you have a chart screen shot, it would help to to reprouce the problem and fix it.

Regards,

Michal
Michal, thanks for stopping by. Let me run it again today to reproduce the problem. I'll send you the details later today after 2400. I did switch to FXDD as someone said it worked fine for them. Don't know why it would matter on MIG, but who knows.
Mr. Trend
  • #306
  • Feb 13, 2007 2:03pm Feb 13, 2007 2:03pm
that is what i do. i effectively trade the fxdd charts on oanda or gft. 2 reasons for this. i am in the UK and a new candle on fxdd starts at 10 pm gmt. that saves me the hassle of staying awake till 12. my beauty sleep is important.

secondly, frankly oanda's and gft's charts aint great.


i have been trading this way for a few months now. no issues encountered. the trades i have won or lost havent been because of this setup!


Quoting petersurrey
One thing I have noted is that different platforms will show different daily trends. For example FXDD has shown GBP/JPY to be in daily uptrends for the last 2 days whereas Oanda shows 2 clear downtrend days -simply because FXDD days begin at 22.00GMT and Oanda's at 04.00GMT. It appears that providing you stick with a preferred broker this shouldn't be a major issue as FXDD shows a lot of very nice trending days up and down which should still prove very profitable...
  • #307
  • Feb 13, 2007 2:27pm Feb 13, 2007 2:27pm
almost same numbers for me here. i've been looking over and over again to the charts, maybe i did something wrong...

Quoting Mr Trend
We've got some serious issues with what each of us is seeing on the chart then, because here's GBPJPY for the week:

11-Feb b 238.14 237.64 -50
12-Feb s 237.64 237.14 50
12-Feb b 237.11 236.55 -56
12-Feb s 236.55 237.05 -50
13-Feb b 237.05 236.55 -50
13-Feb s 236.55

I'm not trying to be a pain... seriously. I'm just really confused how you're getting a 300 pip week out of the above.

And, when I go back through these charts, even if I set 100 pip TPs, it still wouldn't hit my TP before reversing, so...
Nihil Sine Deo.
  • #308
  • Feb 13, 2007 2:35pm Feb 13, 2007 2:35pm
and the bar on the 8th is down as well, so definitely a buy for 14th.
i'm using the same chart.

Quoting Mr Trend
Thanks TK. I think I found the problem. However, you state we're in two down days, but the bar on the 9th is down as well. That makes it third. So you would enter a buy today at 2400.

On the 9th, on MT from MIG, I show an Open of 237.26 and a Close of 237.20.
Nihil Sine Deo.
  • #309
  • Feb 13, 2007 2:59pm Feb 13, 2007 2:59pm
Quoting Scrat
and the bar on the 8th is down as well, so definitely a buy for 14th.
i'm using the same chart.
In one of his posts above, TK said that he would be going short on the next open at 00-00 GMT and long the day after.
Regards
  • #310
  • Feb 13, 2007 3:42pm Feb 13, 2007 3:42pm
I ran into some major pip slippage last night on Oanda on the GBP/JPY at around 4:15am EST. What about y'all?

I had a SL blown right through...should've stopped me out at 50, but instead ended up being close to 100!

Anybody else run into this issue?
  • #311
  • Feb 13, 2007 3:59pm Feb 13, 2007 3:59pm
Oh great and wise Mr. tkimble, I need your expert opinion. On the Gbp/Usd, looking at the 1 hour chart, it seems to be in a downward channel. It has been for the last 4 days now with a retrace back to the 61.8 and the 79 fib levels. Approxamatly a 75% retrace. In your opinion would it be wise to short this pair in anticipation that it will contiue this trend or long it as per your rules thinking it will break from this pattern? Any help would be greatly appreciated!
  • #312
  • Feb 13, 2007 4:06pm Feb 13, 2007 4:06pm
Quoting Scrat
and the bar on the 8th is down as well, so definitely a buy for 14th.
i'm using the same chart.
You didn't do anything wrong. That's the pro's and con's of Forex -- every broker is going to have a different bar, which is probably one of the reasons why your results will never be the same as TK's...

In the end, however, I believe it'll all even itself out. There's gonna be some weeks where you're pulling down the pips like a pip daddy and they're sitting on the sidelines like the court jester...
Mr. Trend
  • #313
  • Feb 13, 2007 4:33pm Feb 13, 2007 4:33pm
Is this right?
Go long on GBP/USD, last three days down trend. TK's rules say to go long in this case. I was stopped out twice today, down 80 pips.

close today 1.9472
close monday 1.9474
  • #314
  • Edited 4:59pm Feb 13, 2007 4:38pm | Edited 4:59pm
Quoting aktur
Hi,

I coded the Rhythm EA, however it was posted by the customer on the forum before full testing of it. I'll be happy to fix all issues which you are thinking that are not correct. Please describe your problem case in more details, i.e. pair, time frame, reverse level, time at which reverse should happeen and did not. Also all your settings are important. If you have a chart screen shot, it would help to to reprouce the problem and fix it.

Regards,

Michal
{link removed, see rule #3}
Michal: The first problem is that it's not taking the opposite trend order when we get three consecutive red or green bars in a row... today's trade should've been GBP/USD LONG.

See attached GIF along with relevant logs.
Attached File(s)
File Type: zip rhythm_error.zip   44 KB | 498 downloads
Mr. Trend
  • #315
  • Feb 13, 2007 4:50pm Feb 13, 2007 4:50pm
Quoting sbetz
Oh great and wise Mr. tkimble, I need your expert opinion. On the Gbp/Usd, looking at the 1 hour chart, it seems to be in a downward channel. It has been for the last 4 days now with a retrace back to the 61.8 and the 79 fib levels. Approxamatly a 75% retrace. In your opinion would it be wise to short this pair in anticipation that it will contiue this trend or long it as per your rules thinking it will break from this pattern? Any help would be greatly appreciated!
I am neither great nor as wise as I wish I were. Be that as it may, I have know idea what the market is going to do. I do not follow the hourly charts, only the daily charts. I learned long ago that nobody can predit the future consistently.

I really wish I could help you, but I can't. The only advise I will give you is to just follow the system that I have posted or other systems that contain indicators. Most of the systems posted will result in a profit but you must exhibit extreme discipline in compliance with whatever system you choose...

Wish I could be of more help...

TK
  • #316
  • Feb 13, 2007 4:56pm Feb 13, 2007 4:56pm
OK. We are entering the most risky part of the week because of the previous two days of price action. I will be SHORTING the GBP/JPY in 4 minutes and staying with my current GBP/USD SHORT which is at a breakeven position.

The reason for the high risk is becuase the chances of the GBP/JPY moving up are greater than the chances it will continue its downward trend becuase of simple market pressures associated with extended moves in one direction.

Hope this helps...

TK
  • #317
  • Feb 13, 2007 4:58pm Feb 13, 2007 4:58pm
Quoting tkimble
OK. We are entering the most risky part of the week because of the previous two days of price action. I will be SHORTING the GBP/JPY in 4 minutes and staying with my current GBP/USD SHORT which is at a breakeven position.

The reason for the high risk is becuase the chances of the GBP/JPY moving up are greater than the chances it will continue its downward trend becuase of simple market pressures associated with extended moves in one direction.

Hope this helps...

TK
Why staying short with GBPUSD? The plan says to reverse after three candles...
Mr. Trend
  • #318
  • Feb 13, 2007 4:59pm Feb 13, 2007 4:59pm
Quoting tkimble
I really wish I could help you, but I can't. The only advise I will give you is to just follow the system that I have posted or other systems that contain indicators. Most of the systems posted will result in a profit but you must exhibit extreme discipline in compliance with whatever system you choose...

Wish I could be of more help...

TK
You really couldn't have said it better.
Mr. Trend
  • #319
  • Feb 13, 2007 6:07pm Feb 13, 2007 6:07pm
Quoting Mr Trend
Why staying short with GBPUSD? The plan says to reverse after three candles...
I only show two short candles no my chart...

TK
  • #320
  • Feb 13, 2007 6:09pm Feb 13, 2007 6:09pm
Quoting Mr Trend
You really couldn't have said it better.
Sorry if I offended anybody but I am only an average trader and cannot predict future movements. Do no want to portray anything different.

Happy Trading,

TK
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